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Top Trades for Fri, 24 Jun 2022 12:10 – JPM and MMMB

By phil
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MMMB is stupidly cheap again at $1.22.  Small little company but a great value down here.

I guess it's time to buy JPM again as we're at the magic 10x line as $117.69 is $335Bn and they make $35Bn a year so - silly...  

In the LTP, let's:

  • Sell 10 JPM 2024 $120 puts for $18 ($18,000) 
  • Buy 25 JPM 2024 $110 calls for $19.75 ($49,375)
  • Sell 25 JPM 2024 $135 calls for $9 ($22,500) 

That's net $8,875 on the $62,500 spread so the upside potential is $53,625 (604%) over $135 and we're being aggressive on the short put sale as I'm very comfortable with the target and it's rollable, etc.  After 152 years in business I think they'll be fine and they just passed their stress test - although they were in the bottom of the bunch but that's because they are poised a bit bullish and taking on risk - which I agree with. 

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